According to a legislative fact sheet, the bill prohibits member states from creating, imposing or enforcing the following:

Any tax, fee, penalty, mandate or regulation in addition to federal law that burdens the transfer of firearms to any person; or

Any civil or criminal liability that is not imposed under federal law in connection with the transfer of firearms by any person.

State may sign on voluntarily to the compact and may withdraw or propose amendments to the Compact on the following occasions:

Every 10thyear after the enacting legislation;

When a special session is called specifically to amend or withdraw from the Compact. Written notice of the special session must be given to each member state at least 30 days before the session convenes;